[131 Pages Report] The text-to-speech market was valued at USD 1.30 Billion in 2016 and is expected to reach USD 3.03 Billion by 2022, growing at a CAGR of 15.21% between 2017 and 2022. The base year considered for the study is 2016, and the market size forecast is given for the period between 2017 and 2022.

Objectives of the Study:

To define, describe, and forecast the market on the basis of vertical and geography

To forecast the market size of the various segments with respect to four main regionsNorth America, Europe, Asia Pacific (APAC), and Rest of the World (RoW)

To provide detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges)

To strategically analyze micromarkets with respect to individual growth trends, future prospects, and contributions to the total market

To strategically profile key players and comprehensively analyze their core competencies, along with detailing the competitive landscape for market leaders

To analyze competitive developments such as joint ventures, collaborations, agreements, contracts, partnerships, mergers and acquisitions, new product launches, and research and development in the text-to-speech market

Research Methodology:

The research methodology used to estimate and forecast the text-to-speech market begins with capturing data on key vendor revenues through secondary research such as Hoovers, Bloomberg Business, Factiva, and OneSource. The vendor offerings are also taken into consideration to determine the market segmentation. The bottom-up procedure was employed to arrive at the overall market size of the global market from the revenue of the key market players. After arriving at the overall market size, the total market was split into several segments and subsegments which were then verified through primary research by conducting extensive interviews with key people such as CEOs, VPs, directors, and executives. The data triangulation and market breakdown procedures were employed to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments. The breakdown of profiles of primary respondents is depicted in the figure below:

According to MarketsandMarkets, the global text-to-speech market was valued at USD 1.30 Billion in 2016 and is expected to reach USD 3.03 Billion by 2022, growing at a CAGR of 15.21% between 2017 and 2022. The rising demand for handheld devices and increase in government spending for the education of differently abled persons drive the demand for the text-to-speech technology.

This report segments the text-to-speech market on the basis of vertical and geography. On the basis of vertical, the market is segmented into consumer electronics, automotive and transportation, healthcare, education, finance, retail, enterprise, and others. For the market, the consumer electronics vertical market held the largest share of the overall market in 2016. Text-to-speech is widely used in smartphones for navigation and personal assistance apps. Moreover, laptops and televisions have also adopted this technology to help blind and partially sighted people to access the menu with the help of audible instructions. The market for the healthcare vertical is expected to grow at the highest CAGR during the forecasted period. Advancements in medical devices and the growing usage of personal health monitors drive the growth of the market for healthcare.

The Americas is expected to be the largest contributor to the text-to-speech market during the forecast period. The US is expected to be the major contributor to the market in the Americas between 2017 and 2022. Currently, the global market is dominated by the Americas owing to the high adoption rate of artificial intelligence software and large-scale deployment of neural networks across various end-use verticals. The major driving factor in the Americas is the presence of major vendors of text-to-speech technology such as Nuance Communication (US), Microsoft Corp. (US), Neospeech (US), and Sensory Inc. (US). China and India are among the fastest-growing economies in the world. Their financial strength enables them to make significant investments in various growing end-user industries. In Japan and China, text-to-speech systems have been deployed at airports and ATMs. Hence, Asia Pacific is expected to witness the highest growth rate during the forecast period.

However, the lack of prosody and pronunciation of naturally occurring speech is expected to limit the growth of this market.